Williams Company Had the Following Balances and Transactions During 2013

question 61

Multiple Choice

Williams Company had the following balances and transactions during 2013. $$\begin{array} { | l | l | } \hline \text { Beginning inventory } & 10 \text { units at } \$ 70 \\\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { December } 30 & \text { Sold } 15 \text { units } \\\hline \text { December } 31 & \text { Replacement cost } \$ 60 \\\hline\end{array}$$ What would the company's inventory amount be on the December 31,2013 balance sheet if the perpetual LIFO method is used? (Answers are rounded to the nearest dollar.)

• A) $1,050
• B) $1,100
• C) $900
• D) $1,200

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Definitions:

Billable Hour

The amount of time spent on a specific client's project that can be charged to that client, commonly used in legal and consulting services.

Realisation Rate

The percentage of billable hours or the revenue earned out of the total available hours or potential revenue, often used to measure the efficiency and profitability of professional services.

Chargeout Rate

The price charged by a business or professional for their services, often calculated to cover costs and generate profit.

Realisation Rate

The percentage of billable time or work that is actually charged or billed to clients, often used in professional services to evaluate profitability.